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by Shirajiv Sirimane

"Copper based product manufacturers in Sri Lanka are taking undue advantage of the(FTA)between Sri Lanka and India and this is a major problem for the country," said Minister of Industries Rohitha Bogollagama.

The Minister said that in many instances contaminated copper is being imported to Sri Lanka and theses products are then exported back to India with very little value addition. "Due to the FTA between the two countries even the customs officers are helpless."

The Minister said that this industry creates major environmental problems and if proper value addition could be done in Sri Lanka it will create more job opportunities. He said that now only about of 5% of value addition is being done and this could be easily increased by around 50%.

The Minister said that he was against this negative industry and is looking for a way to curtail these exports without harming the FTA," he told the 'Daily News' after a ceremony to present Rs. 2 million from the Ministry to the Sri Lanka Chamber of Small Industry (SLCSI) for infrastructure development for the inaugural Industrial Fair which will be held from May 17 to 22 at the BMICH.

He said that around 500 tonnes of copper scrap were imported to Sri Lanka last December.

The Minister said that the Industrial Fair will bring Sri Lanka's premier products and support services under one roof. "This event would be the ideal meeting point for Sri Lankans with foreign delegates."

He said that the objective of their Ministry is to help new Sri Lankan entrepreneurs specially those from the rural areas. "When I took over the Ministry the Banks were providing development loans at the rate of over 20% of interest. Through Prime Minister Ranil Wickremesinghe we have been able to bring the interest rate down to around 8% and in the future the government is hoping to bring it down further."

He also said that the State banks were providing soft loans which were mostly lower than Rs. 150,000. "But now I have persuaded them to increase this amount to over Rs. 1 million per person."

The Minister said that the government is also hoping to request donor countries to provide direct Finance Credit towards the development of Small Industries specially in rural areas.

He said that the 'Uga Dakma' Industrial Exhibition which was concluded in Trincomalee was a major success. "This event created the environment for investments and many projects which were on the balance got off the ground after this exhibition."

Bogollagama said that Tokyo Cement, Prima Factory, Indian Oil and Sri Lanka Ports Authority invested on projects over Rs 500 million each after the success of their exhibition.

"Trincomalee was a forgotten area for nearly two decades and the exhibition once again placed the city on the investors' map." He said that the next event would be held in Matara.

President of the SLCSI, Aloy Jayawardane said that in addition to a 25- member delegation from the State of Karnataka including their Minister another 15-member team from Mangalore too have conformed their participation in the Industrial Fair.

"The Indians would have around 15 stalls. In addition delegates from UAE and Qatar too would participate in this event."

He thanked the Minister for co-ordinating the arrival of the overseas participants and also for presenting Rs. 2 million for towards the fair. Jayawardane also thanked SriLankan Airlines and the main sponsors DFCC Bank, HNB and DSI.

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